Export-Import Financial institution of Korea (Eximbank) headquarters in Seoul’s monetary district of Yeouido / Courtesy of Eximbank
The Export-Import Financial institution of Korea (Eximbank) stated Friday that it’s going to present $241 million in financing for a large-scale solar energy venture in Guam led by Korean firms, in a bid to broaden the nation’s renewable power investments overseas.
The financing will help the Yona solar energy venture, awarded to a consortium of Korea Electrical Energy Corp., Korea East-West Energy and Samsung C&T, the financial institution stated. The bundle consists of $150 million in venture finance loans and $91 million in fairness bridge loans, tailor-made to help Korean firms’ abroad growth.
The venture includes the development and operation of a 132-megawatt solar energy plant and a battery power storage system with a capability of 325 megawatt-hours within the Yona space of Guam. Round 200,000 photo voltaic panels shall be put in throughout a 2.5 million-square-meter website, roughly equal to 360 soccer fields.
As soon as accomplished, the venture will enhance the full energy era capability in Guam by South Korean companies to 390 megawatts, accounting for about 55 p.c of the island’s complete era capability of 708 megawatts, the financial institution stated.
The Guam Energy Authority will buy all electrical energy generated by the ability for 25 years beneath a long-term energy buy settlement, as a part of its renewable power growth program.
Eximbank stated it supported the consortium from the early bidding stage by issuing help letters, serving to enhance financing competitiveness to safe the contract.
All levels of the venture — from fairness funding and engineering, procurement and development to operation and upkeep — shall be led by Korean firms, positioning them as key gamers in Guam’s energy market and laying the groundwork for future initiatives.
An Eximbank official stated the venture is critical for maximizing financial worth as home companies have led the complete improvement course of, including that the financial institution will proceed to help renewable power initiatives equivalent to photo voltaic and offshore wind to assist handle local weather change and advance world carbon neutrality targets.
